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Packaging Corporation of America
Lake Forest, Illinois, USA, 17 October 2007 --(BUSINESS WIRE)-- Packaging Corporation of America (NYSE:PKG) announced today that it intends to increase the quarterly cash dividend on its company stock from an annual payout of USD 1.00 per share to USD 1.20 per share.

The first quarterly dividend of USD 0.30 per share will be paid on 15 January 2008, to shareholders of record as of 14 December 2007. Future declaration of quarterly dividends, and the establishment of future record and payment dates are subject to the final determination of PCA's Board of Directors.

PCA also announced today that its board of directors has authorized the repurchase of up to USD 150 million of the company's outstanding common stock. The company intends to make these repurchases over the next 18 months in accordance with applicable securities regulations.

Commenting on today's announcement, Paul T. Stecko, chairman and chief executive officer of PCA, said, "Today's announcement of a common stock dividend increase and a new USD 150 million share repurchase authorization reflects both our commitment to return value to our shareholders and the overall operating and financial strength of the company."

PCA is the sixth largest producer of containerboard and corrugated packaging products in the United States with sales of USD 2.2 billion in 2006. PCA operates four paper mills and 67 corrugated product plants in 26 states across the country.

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